An estimated one million individuals failed to meet the self-assessment tax deadline, resulting in a £100 penalty from HMRC.
According to HMRC’s latest data, 475,722 taxpayers submitted their tax returns on the deadline day (January 31), with 27,456 individuals filing in the final hour before midnight.
Out of the anticipated 12 million tax filers for the 2024/25 tax year, over 11.48 million managed to file on time. The self-assessment requirement applies to self-employed individuals and those earning additional income beyond their primary employment.
Myrtle Lloyd, HMRC Chief Customer Officer, expressed gratitude to the millions who successfully completed their self-assessment tax returns by the deadline and settled any outstanding taxes.
Individuals who missed the deadline are urged to file their returns promptly to avoid penalties and late payment charges. HMRC recommends utilizing their digital platforms for a swift resolution to tax matters by visiting GOV.UK and searching ‘self assessment’ for further guidance.
In other news, Tony’s Chocolonely experienced increased sales despite raising prices due to heightened cocoa costs. The chocolatier reported revenues of €240 million (£207 million) for the year ending September, marking a 20% rise from the previous year, with a 4% increase in sales volume compared to the prior period.
Additionally, Tony’s disclosed that revenues in the UK and Ireland reached €51.2 million (£44.2 million), a 14% surge year-over-year. CEO Douglas Lamont acknowledged the challenges faced by the industry but expressed satisfaction in achieving a 4% volume growth amid price escalations.
Furthermore, a well-known hotel and restaurant, Guy’s Thatched Hamlet, abruptly closed after operating for 46 years, leaving patrons saddened. The 65-room hotel, situated near Bilsborrow in Lancashire, officially ceased operations, with all staff reportedly being made redundant.
A notice affixed to the hotel entrance confirmed the closure, highlighting the vast 14-acre property that encompassed various amenities like a tavern, restaurant, sports pavilion, function rooms, and more.
For those who missed the self-assessment tax deadline, HMRC emphasized that around one million individuals face an initial £100 fixed penalty, irrespective of owed taxes. Failure to submit within three months will result in daily penalties of £10, up to a maximum of £900. Late payment incurs additional penalties, beginning at 5% of the outstanding tax at 30 days, six months, and twelve months, with accrued interest on late tax payments.
Moreover, Surrey County Council is offering free supermarket vouchers worth £300 to eligible households as part of the Household Support Fund to aid vulnerable families in need. Residents can apply for the Everyday Essentials E-Voucher scheme if struggling to afford essential items, with participating supermarkets including Aldi, Asda, Morrisons, Tesco, and Waitrose.
Santander introduced a new 98% loan-to-value mortgage for first-time buyers, known as ‘My First Mortgage,’ featuring a five-year fixed rate of 5.19%, no product fee, and £250 cashback. The mortgage requires a minimum deposit of £10,000, with loan amounts ranging from £190,000 to £500,000.
In financial news, a report revealed a decrease in food price inflation to its lowest level since April, showing a 4% average rise in grocery prices last month, down from 4.3% in December. Consumers are increasingly opting for supermarket own-brand products, which accounted for over half of all grocery sales.
Lastly, the Financial Conduct Authority stated that insurance costs are declining, benefiting consumers who pay monthly by saving approximately £157 million annually. Premium finance interest rates have dropped by an average of 4.1 percentage points since 2022, resulting in cost savings on car and home insurance policies.